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Admiral to sell Penguin Portals, Preminen in £508m deal
29th Dec 2020 07:42
(Sharecast News) - Insurer Admiral has agreed to sell its Penguin Portals and Preminen comparison businesses, which include online portal Confused.com, to RVU - the comparison division of ZPG - in a deal valued at £508m.
Admiral said on Tuesday that proceeds from the sale, net of minority interests and transaction costs, will be around £450m and that it intends to return a majority of this to shareholders "in light of the strong solvency and liquidity position of the group". It will also retain a portion to support investment in new business development over the coming years.
Chief executive officer David Stevens said: "The purchase of the UK and European comparison businesses by RVU offers a positive outcome for our customers and our employees, and also provides good value for our shareholders.
"The combination of Penguin's strengths, notably in insurance comparison across much of Europe, with RVU's strengths beyond insurance and experience in growth through acquisition, provides a solid foundation for the combined businesses to grow and prosper."
Admiral said on Tuesday that proceeds from the sale, net of minority interests and transaction costs, will be around £450m and that it intends to return a majority of this to shareholders "in light of the strong solvency and liquidity position of the group". It will also retain a portion to support investment in new business development over the coming years.
Chief executive officer David Stevens said: "The purchase of the UK and European comparison businesses by RVU offers a positive outcome for our customers and our employees, and also provides good value for our shareholders.
"The combination of Penguin's strengths, notably in insurance comparison across much of Europe, with RVU's strengths beyond insurance and experience in growth through acquisition, provides a solid foundation for the combined businesses to grow and prosper."